Two ex-Virgin Digital executives, namely its former CTO Brendon Cassidy and former president Zack Zalon, have teamed up to start a Los Angeles-based digital business incubator called Elevator Labs.

The venture, which is both labeled an ‘invention company’ and an ‘innovation factory’, this morning announced that it has secured $20 million in initial funding from KGC Capital.

Zalon and Cassidy have worked together for more than a decade, having built and operated a number of digital initiatives at Virgin and creating several standalone businesses since. The idea behind Elevator Labs is to finance and provide technical and strategic guidance to LA-based startups and teams in order to go from idea to a sustainable business.

Here’s the main pitch (from the press release):

A key focus of the Elevator Labs mission is to continue to found, foster and grow new ideas and companies in the Los Angeles region while also building a community of innovation with existing Los Angeles technology, media and government organizations.